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Greece's Titan Cement said on Wednesday it is buying a stake in Brazilian cement manufacturer Companhia Industrial de Cimento Apodi for about $100 million.

Titan said it had entered a joint venture agreement that Cimento Apodi be controlled on a 50/50 basis by the Dias Branco Group and a Titan/Sarkis vehicle, 94 percent of which is owned by Titan.

Titan's said its investment would be financed through available cash.

Cimento Apodi's assets include an integrated cement plant in Quixeré and a grinding cement plant in Pecem port, close to the city of Fortaleza. It has a production capacity of more than 2 million tons of cement per year, Titan said. [Reuters]